HDFC Bank ADR nosedives 9%, indicates weak start for stock
American depository receipts of the HDFC Bank fell 9.14% to settle at $55.59 indicating a negative start for the banking stock. The fall in ADRs can be attributed to the third-quarter results.
The company reported a jump of 33% in the net profit to Rs 16,372 for the quarter. But the bank’s provisions rose 50% to Rs 4,216 crore.
American depository receipts are stocks of foreign companies trading on the American stock exchanges without the hustle of getting listed on the American stock exchanges. They are issued by the American banks.
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Bulls on charge! Markets hit new highs; Nifty ends above 24,000, Sensex 760 points short of 80,000
Indian equity closed on a record-high note on Thursday. The NSE Nifty 50 hit a new all-time high of 24,087.45, surpassing the psychological level of 24,000. The index later closed 183 points or 0.78% higher, than its previous close, at 24,045. Interestingly, Nifty took 23 sessions to reach the mark of 24,000 from 23,000.
Similarly, the BSE Sensex touched a new record high of 79,396 and is just 760 points away from touching the psychological level of 80,000. Sensex closed 569 points or 0.72% higher at 79,243. UltraTech Cement, LTIMindtree, Grasim Industries, NTPC, and Wipro were the major gainers in the Nifty 50 on Thursday.
Sectoral Index
Nifty Midcap 100 jumped 178 points or 0.32% closing the day’s trading at 55,424. …
Motilal iterates “Buy” on Grasim Industries with unchanged target price; Here’s why-
The broking firm Motilal Oswal Financial Services remained bullish on the stock of Grasim Industries. The brokerage house has iterated a “Buy” rating on the stock and kept the target price unchanged at Rs 2,670. It has also kept the estimates for earnings per share unchanged for FY24 – 26.
The brokerage said it values its stake in subsidiary companies at a discount of 40%, standalone business seven times to its operating profit, and paint business one time to the investments.
However, Motilal said that the company’s paint business has not been accounted for in its current market price.
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